By the middle of Thursday's European trading hours, the price had reached the support of the 1,781.00/1,784.00 zone, which has kept the price up since September 8.
Economic Calendar Analysis
On Thursday, at 12:30 GMT, the US Retail Sales and Core Retail Sales data sets are set to be released to the public.
Note that at the same time the US Unemployment Claims are scheduled to be released.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
In the case that the metal passes the 1,781.00/1,784.00 support zone, the bullion might look for support in round price levels before reaching the support of the 1,750.00 mark. Namely, the zone above the 1,775.00 level provided support in late August.
On the other hand, a recovery of the metal could once again reach the resistance zone that is located from 1,800.00 to 1,805.00. Meanwhile, some resistance might be found in the 55 and 100-hour simple moving averages. However, the SMAs have been failing to notably impact the price throughout September.
XAU/USD daily charts review
On the daily candle chart, the summer high level zone can be observed. The price has bounced off it for a fourth time since the start of July.Meanwhile, note the round price levels, which have been providing support throughout summer. Namely, the 1,780.00, 1,760.00 and 1,720.00 levels have been acting as support levels.
Daily Candle Chart
Long sentiment grows
Since Tuesday, the sentiment on the Swiss Foreign Exchange was 54% bullish, as 54% of open position volume was in long positions.
On Thursday, the bullish traders took over, as short positons were closed. Namely, 57% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 71% to buy the precious metal. The orders had not changed since Wednesday.